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we'll go back to the fiscal cliff. if high end tax rates are successful entrepreneurs rocket higher, you can bet the number of millionaires in this country is going south. that's if high taxes go up. millionaires go down. that's no good. in our land of opportunity, i want more millionaires. and i think the better for them and the economy. robert frank will join us with some very arresting numbers. high tax, fewer millionaires. not good. two years ago, the people of bp made a commitment to the gulf. bp has paid over twenty-three billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tourism seasons in years. and bp's also committed to america. we support nearly 250,000 jobs and invest more here than anywhere else. we're working to fuel america for generations to come. our commitment has never been stronger. >>> 28 days until the country plummets off the tax and fiscal cliff. big tax hikes could be coming for everyone but we see als
we'll go back to the fiscal cliff. if high end tax rates are successful entrepreneurs rocket higher, you can bet the number of millionaires in this country is going south. that's if high taxes go up. millionaires go down. that's no good. in our land of opportunity, i want more millionaires. and i think the better for them and the economy. robert frank will join us with some very arresting numbers. high tax, fewer millionaires. not good. two years ago, the people of bp made a commitment to the...
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cliff and also because the marginal tax rates are going to automatically increase, which means any lower tax rates president obama will ask for is tax cuts and not an argument you are raising taxes on someone. for all those reasons, the democrats have a lot of leverage in january but that does not mean the democrats should wait till january, what happens after december 31st is everybody can lose. the kind of pressure we have psychologically and politically right now to get a deal done before we hit 2013, that kind of pressure and deadline pressure and momentum you're not going to have after you're over the fiscal cliff. so every day that goes by after january 1st isn't going to look like that big of a deal and essentially, time will run out for both parties, you will have a lot of problems in 2013, they will take the lion's share away from fiscal dealmaking, senate confirmation, have the debt ceiling, the long-delayed nuclear negotiableses with iran, going to have posturing for the 2014 campaigns. all of those things are going to suck out the moment up that we have right now. so, yes, de
cliff and also because the marginal tax rates are going to automatically increase, which means any lower tax rates president obama will ask for is tax cuts and not an argument you are raising taxes on someone. for all those reasons, the democrats have a lot of leverage in january but that does not mean the democrats should wait till january, what happens after december 31st is everybody can lose. the kind of pressure we have psychologically and politically right now to get a deal done before we...
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. >> the white house rejects a republican counter plan to avoid that "fiscal cliff." >> rates have to rise and the republicans need to acknowledge that. that's the only way to get from here to there. >> from across the bay to around the world -- >> obviously, you know, we want a family, so, uhm, you know, we have to start thinking about that. >> -- the stories that matter on "eyewitness news this morning." >> your realtime captioner: linda marie macdonald captions by: caption colorado comments@captioncolorado.com >>> good morning, it's tuesday, december 4. i'm michelle griego. >> hi, everyone. i'm frank mallicoat. it is 6:32. a huge pot bust at a home in east san jose. this morning neighbors reported a burglary happening at a home on the 1300 block of sandalwood court. when police got there they found the front door open. they entered the home and discovered an elaborate grow house there. we have live pictures of the house here. in fact, officers say there was no furniture inside the home at all just about 300 pot plants with a street value of $125,000. and because of all the chemical
. >> the white house rejects a republican counter plan to avoid that "fiscal cliff." >> rates have to rise and the republicans need to acknowledge that. that's the only way to get from here to there. >> from across the bay to around the world -- >> obviously, you know, we want a family, so, uhm, you know, we have to start thinking about that. >> -- the stories that matter on "eyewitness news this morning." >> your realtime captioner: linda...
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the fiscal cliff. two former governors will offer their perspective. plus, more on what bank of america's brian moynihan told becky this morning. more "squawk on the street" in just a moment. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. you can stay in and share something... ♪ ♪ ...or you can get out there with your friends and actually share something. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. offering some of our best values of the year. i have obligations. cute tobligations, but obligations.g. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your
the fiscal cliff. two former governors will offer their perspective. plus, more on what bank of america's brian moynihan told becky this morning. more "squawk on the street" in just a moment. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your...
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if we get a positive resolution caught to the fiscal cliff, you'll want to buy these stocks hand over fist. because then they'll really be able to roar. how have the anointed names done? >> amazon started at 259, pulled back to 220 before rebounding to 250, where it is right now. google has been pounded. it went from over 760 to below 660, but it's rebounded to 695. mastercard and visa, they took 25-point dives. i told to you buy them into weakness. falling from 475 to 450, and rallied to 487. these are great ones to buy now. a dozen points where above where i recommended. that's a win. visa has moved up nicely from 136 to 149. ulta salon, 136 to 149. tractor supply fell 98, from 98 to 89. sherman williams has moved up from 149 to 152. and diageo, taking the country and the world by storm, 113 to 120. gilead shod up from 168 to 175. alexion, meat grinder time. 111 down to 95. let's take a look at the five, first five anointed names, go over the remainder after the break. remember, we're reviewing to see if they're still worth buying on weakness, that may be caused by the cliff. let's
if we get a positive resolution caught to the fiscal cliff, you'll want to buy these stocks hand over fist. because then they'll really be able to roar. how have the anointed names done? >> amazon started at 259, pulled back to 220 before rebounding to 250, where it is right now. google has been pounded. it went from over 760 to below 660, but it's rebounded to 695. mastercard and visa, they took 25-point dives. i told to you buy them into weakness. falling from 475 to 450, and rallied to...
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the fiscal cliff. if we go off the cliff tax rates on dividends could go from 15% to more than 43%. companies are racing to beat the tax hikes by paying dividends before december 31st and some of the biggest beneficiaries, both insiders and ceos. mickey arison is getting $89 million from carnival giving him a potential tax savings. and larry elison is getting savings around $56 million. thomas frist at hca is getting around $350 million, saving him $100 million. and kkr and bain capital will get a big piece of the dividends. the king of all dividends is sheldon adelson who gets $1.2 billion from sands corp dividend and his tax savings alone could be $340 million. all shareholders benefit from dividends and many of the owners and ceos have recused themselves from the dividend votes, but these companies tend to have higher insider ownership. the average insider ownership of these dividenders is around 27%. it all shows that just the threat of higher taxes is causing companies and people to take next year's income today when they can. >> yeah. it's interesting. we were talking about th
the fiscal cliff. if we go off the cliff tax rates on dividends could go from 15% to more than 43%. companies are racing to beat the tax hikes by paying dividends before december 31st and some of the biggest beneficiaries, both insiders and ceos. mickey arison is getting $89 million from carnival giving him a potential tax savings. and larry elison is getting savings around $56 million. thomas frist at hca is getting around $350 million, saving him $100 million. and kkr and bain capital will...
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fiscal cliff. i think people know there will be some type of resolution. we didn't know the details or when. but companies are still investing the way they would normally do and they're not stopping because of -- >> that doesn't make us quake a bit about the jobs report later this will week and what that does for investors' nerves? >> we know it will be worse than it would have been because of super storm sandy. so you didn't know how much it was to do with that and how much was the economy. so it will be a bit of a wash in terms of reading the tea leaves for the u.s. >> so the growth picture for the u.s., we sort of 1%, 2%, depending on what happens with the fiscal cliff. what do you think, 2.5%? >> yeah, i think we should be 2.5% to 3% by the end of next year. >> which might be a slightly better outturn. china seems to be back on track. is there anything in europe -- what's the tail risk at the moment? >> i think there's two things that could still go wrong in europe. one, there's always politica
fiscal cliff. i think people know there will be some type of resolution. we didn't know the details or when. but companies are still investing the way they would normally do and they're not stopping because of -- >> that doesn't make us quake a bit about the jobs report later this will week and what that does for investors' nerves? >> we know it will be worse than it would have been because of super storm sandy. so you didn't know how much it was to do with that and how much was the...
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a lot of people are worried about fiscal cliff and sort of reluctant to put money to work. why are you so active? >> it's all about appropriate amounts of leverage. you can't borrow a lot, so you have to have the cash to be able to build. when you have a conservative capital structure and you're buying iconic assets in great cities, i think you'll do very well over time. traditionally, that's been proven in real estate. >> we all know it was a very hotly contested presidential election, and of course your dad, donald, has been on our program a lot. he was a big supporter of romney. there were stories going around that you said, dad, pull it back a bit. you don't have to be so negative on the president. is that what happened? >> it was fascinating because this was a widely circulated report that was without fact at all, and not one reporter actually called and asked the question you just did, which is, is that true? no, it wasn't. my father has been a very important part of the dialogue. he's been saying a lot of things that other people, you know, not wanting to be in a spa
a lot of people are worried about fiscal cliff and sort of reluctant to put money to work. why are you so active? >> it's all about appropriate amounts of leverage. you can't borrow a lot, so you have to have the cash to be able to build. when you have a conservative capital structure and you're buying iconic assets in great cities, i think you'll do very well over time. traditionally, that's been proven in real estate. >> we all know it was a very hotly contested presidential...
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see what he thinks about the fiscal cliff. >>> later on in the program, with the rush to sell high-end homes to take advantage of this year's lower tax rates, is it a good time now to snap them up? our wealth editor robert frank. plus, our real estate correspondent will tell you what you need to know back half of the show. don't miss it. >>> and here's a lye shot of the street outside the new york stock exchange. christmas tree is right behind the band there. they are ready for the tree lighting ceremony. expect it to take place about an hour from now. we'll take you there live. back in a moment. obligations. obligations. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. music is a universa
see what he thinks about the fiscal cliff. >>> later on in the program, with the rush to sell high-end homes to take advantage of this year's lower tax rates, is it a good time now to snap them up? our wealth editor robert frank. plus, our real estate correspondent will tell you what you need to know back half of the show. don't miss it. >>> and here's a lye shot of the street outside the new york stock exchange. christmas tree is right behind the band there. they are ready...
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two things, first of all, i actually think we're going to get a resolution to the fiscal cliff. i just think it's going to come after we go over. so that's not unlike -- >> we agree. >> the idea there is actually republicans can claim a tax decrease. that is you can take the rate down from 39.6% to 38% or 37%, something like that. the president gets what he wants, which is higher rates. the republicans can claim victory as well because they're lower than they would have been otherwise. >> tony, let's assume we do, in fact, go over the cliff. as both you and jerrod suggest that we likely will. the market will likely go down and go down hard. a new poll suggested if we do go over the cliff that republicans are going to be the ones who are going to be blamed. how will we deal with that with the market being held hostage by these negotiations which seemingly, at least in public, are going nowhere? >> first of all, i think the markets might be better to listen to me and jerrod rather than whoever is telling them this could absolutely get done and the republicans will cave and that's
two things, first of all, i actually think we're going to get a resolution to the fiscal cliff. i just think it's going to come after we go over. so that's not unlike -- >> we agree. >> the idea there is actually republicans can claim a tax decrease. that is you can take the rate down from 39.6% to 38% or 37%, something like that. the president gets what he wants, which is higher rates. the republicans can claim victory as well because they're lower than they would have been...
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cliff, tax rates go up not just for the rich but for the middle class, for everyone, all those cuts in domestic spending and naths security spending, they go into effect. people aren't going to be happy about that, and the president will be able to say, look, i begged them, i repeatedly said 98% of the american public, they wouldn't get a tax increase if we just took them out of the equation, let's pass legislation extending the bush tax cuts for everyone earning under $250,000 a year. they didn't do it. so, you know, he'll have some leverage on that in terms of the politics because politically, you know, the polls all are very consistent. the election results are pretty consistent. the american public is ready for a modest increase in taxes for the upper 2% of taxpayers. having said that, there's another issue that's coming up in february or march and that's raising the debt ceiling once again. the republicans have a lot of leverage on that right now because the white house, the administration will desperately want to raise that debt ceiling so the u.s. doesn't go into default. tha
cliff, tax rates go up not just for the rich but for the middle class, for everyone, all those cuts in domestic spending and naths security spending, they go into effect. people aren't going to be happy about that, and the president will be able to say, look, i begged them, i repeatedly said 98% of the american public, they wouldn't get a tax increase if we just took them out of the equation, let's pass legislation extending the bush tax cuts for everyone earning under $250,000 a year. they...
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i think that fiscal cliff is just a big red herring. your district has the shortest life span in the country for women. the infant mortalithighest infay rate in the country. we follow mississippi. i think that is where you are leading the country. if the people of the united states want to see where you and the republican party -- come and look at your district. guest: i would be delighted to have people come and look at my district and then it is 14,000 farms and ranches with two military installations. 5 colleges and universities. 11 indian tribes. the best college football team in america. it is a very special place. i would argue with your statistics. i just won reelection with 68% of the vote. having said all that, the idea that the paul ryan budget is about getting rid of social programs is ntot so. it is about saving them. these programs are going bankrupt. all are going to have to be reformed. if the president gets every tax increase he is asking for, let's just assume that he did, it would not come close to solving the budgetar
i think that fiscal cliff is just a big red herring. your district has the shortest life span in the country for women. the infant mortalithighest infay rate in the country. we follow mississippi. i think that is where you are leading the country. if the people of the united states want to see where you and the republican party -- come and look at your district. guest: i would be delighted to have people come and look at my district and then it is 14,000 farms and ranches with two military...
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obama let the nation fall off the fiscal cliff. >> republicans need to acknowledge reality here. rates have to go up. earlier in the presidency, obama warneded it could hurt the economy. >> the nation is no longer in recession. and american manufacturing contracted in november for the first time in three months. the president is concerned enough that he proposed tens of billions in new stimulus spending in the debt talks. >> what is the justification for raising taxes? >> the fact of the matter is that it's vitally important that we extent and the president's view make permanent tax cuts for 98% of the american people. >> the president would like to see it done tomorrow and would sign it right away. >> they will put for ending deduction and closing loopholes. >> republicans move a great deal. who was the first person after the election was the speaker who went down and provided the re-knew. >> they blasted the proposal to limit deductions to tell bloomberg television it's unrealistic. >> that means every hospital and university and non-for profit, the agency. across the country w
obama let the nation fall off the fiscal cliff. >> republicans need to acknowledge reality here. rates have to go up. earlier in the presidency, obama warneded it could hurt the economy. >> the nation is no longer in recession. and american manufacturing contracted in november for the first time in three months. the president is concerned enough that he proposed tens of billions in new stimulus spending in the debt talks. >> what is the justification for raising taxes?...
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credit ratings agency fitch calls the fiscal cliff the biggest concern for state credit in 2013. saying, "any meaningful federal deficit reduction is likely to lower state funding, forcing program elimination or backfilling." as the tax hikes and spending cuts approach, u.s. manufacturers saw business shrink last month. the institute of supply management's purchasing managers index fell unexpectedly to 49.5, down from 51.7 in october. a reading below 50 means business has fallen back into contraction. the november statistic is the lowest since july 2009. the dow fell 60, the nasdaq down eight, the s&p 500 lost six. >> susie: jeff saut says investors seem to be ignoring bad news, and this is a bullish sign. he's managing director and chief investment strategist at raymond james. so jeff, not only are you bullish but you're also calling for a pretty decent santa claus rally. tell us why? >> well, i have learned over the 42 years in this business, susie, that it's pretty tough to put stocks to the downside in the ebullient month of december. i mean it's happened but it's a pretty ra
credit ratings agency fitch calls the fiscal cliff the biggest concern for state credit in 2013. saying, "any meaningful federal deficit reduction is likely to lower state funding, forcing program elimination or backfilling." as the tax hikes and spending cuts approach, u.s. manufacturers saw business shrink last month. the institute of supply management's purchasing managers index fell unexpectedly to 49.5, down from 51.7 in october. a reading below 50 means business has fallen back...
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. >>> they are turning down the latest with the fiscal cliff crisis. opponents say they will not bulging. >> reporter: house republicans want big spending cuts but no tax rate increases. here is a picture of president barack obama answering questions on twitter about the fiscal cliff. he is promoting a reference to the estimated tax increase and middle income families would see if rates are not extended, the latest would extend tax cuts for everyone including americans and who the president wants to exclude. the white house says the proposal is too short on specifics. >> we can't guess what they are, they need to tell us and they look forward to the time when they are specific with the ways we have dealt with it. >> they don't like what republicans want to do to social security and more on that during my next update. reporting live, allison burns, ktvu channel 2 morning news. >>> 5:14 in florida, they have released a photo of george zimmerman, showing george zimmerman with a swollen nose and blood did i face. they responded and said it adds nothing new
. >>> they are turning down the latest with the fiscal cliff crisis. opponents say they will not bulging. >> reporter: house republicans want big spending cuts but no tax rate increases. here is a picture of president barack obama answering questions on twitter about the fiscal cliff. he is promoting a reference to the estimated tax increase and middle income families would see if rates are not extended, the latest would extend tax cuts for everyone including americans and who...
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you've got to be for a tax rate increase or we will go over this fiscal cliff. >> no, you don't. you could raise from a carbon tax of $20 a ton, which will deal with, we are having the biggest record carbon levels. you could raise -- at 4% a year over the next ten year, twice as much as you could from allowing the bush tax rates to lapse. why the income tax system is overburdened in the united states. we use it too much. we should be looking at other taxes. we can't do it in 29 days. why are we doing it in 29 days? >> but the president ran on raises taxes, right? if you look at the polls. 60% of people support raising taxes on people who make over $250,000 a year. how much of a problem is it, david, if the republicans you know, tom coburn said he does not want to raise that tax number. >> the president ran on his first term on opposing a health care mandate. presidents change their minds. the idea that you would do a revenue measure with an eye to basically doing something punitive, when there are much more important policy goals you can achieve and when it's not going to be good
you've got to be for a tax rate increase or we will go over this fiscal cliff. >> no, you don't. you could raise from a carbon tax of $20 a ton, which will deal with, we are having the biggest record carbon levels. you could raise -- at 4% a year over the next ten year, twice as much as you could from allowing the bush tax rates to lapse. why the income tax system is overburdened in the united states. we use it too much. we should be looking at other taxes. we can't do it in 29 days. why...
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you've got to be for a tax rate increase or we will go over this fiscal cliff. >> no, you don't. you could raise from a carbon tax of $20 a ton, which will deal with, we are having the biggest record carbon levels. you could raise -- at 4% a year over the next ten year, twice as much as you could from allowing the bush tax rates to lapse. why the income tax system is overburdened in the united states. we use it too much. we should be looking at other taxes. we can't do it in 29 days. why are we doing it in 29 days? >> but the president ran on >> the republicans must agree to higher tax rates on well off americans. all the way to the 39.6 that the president, they have to. that's the ticket for admission because the president won the election and campaigned on that. the democrats are going to have to agree. they'll use euphemisms, but agree to cutting medicare and medicaid. and by the way, that means cutting for seniors and poor people and special needs kids. that is not an easy thing to ask anybody to do, let alone the democratic party. which really created these programs. this is
you've got to be for a tax rate increase or we will go over this fiscal cliff. >> no, you don't. you could raise from a carbon tax of $20 a ton, which will deal with, we are having the biggest record carbon levels. you could raise -- at 4% a year over the next ten year, twice as much as you could from allowing the bush tax rates to lapse. why the income tax system is overburdened in the united states. we use it too much. we should be looking at other taxes. we can't do it in 29 days. why...
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cliff. let's get straight to the politics of these developments and the rhetoric and possible economic impact of failureto resolve the issues. joining as, former spia assistant to president george w. bush, a veteran political consultant and republican pollster. let's tart, if i may, with you. do you think both sides right now are seriously ready to go over the cliff? >> i think the preside i very ready because they arereading into this election last month a mandate that i simply don't see. the president got 15 million americans to vote against him which fail to produce any type of meaningful budget in his democratic controlled snate. we are at the disco club because of the president's inability to ev a single-day tackle entitlement reform and take it seriously talk about tax reform instead of tax hike so i think the way to have honest good faith initiations is to come to the table closer together. lou: before we restructure negotiations that act have not taken place, the republican side of t
cliff. let's get straight to the politics of these developments and the rhetoric and possible economic impact of failureto resolve the issues. joining as, former spia assistant to president george w. bush, a veteran political consultant and republican pollster. let's tart, if i may, with you. do you think both sides right now are seriously ready to go over the cliff? >> i think the preside i very ready because they arereading into this election last month a mandate that i simply don't...
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the fiscal cliff, and the american people will hold them responsible. democrats also take issue with the proposal's spending cuts to medicare and social security. republican counter that tough cuts are needed to tackle the soaring debt, leaving washington locked in a stalemate, less than a month before every american sees their taxes shoot up. the gridlock has irritated people outside washington, like deborah page of arlington, texas. >> if i was working the way the president and congress was working, i would probably lose my job. >> reporter: page started a petition that would cease paychecks and health benefits for all members of congress and president obama if they can't avoid the fiscal cliff. the petition's chances are slim. but it's a reflection of americans' frustration with 28 days left. rob and paula? >> tahman bradley live in washington today. thank you, tahman. >>> and as talks over the fiscal cliff drag on, a new poll finds that most americans do not think very highly of congress. one in ten americans rate the honesty and ethical standards o
the fiscal cliff, and the american people will hold them responsible. democrats also take issue with the proposal's spending cuts to medicare and social security. republican counter that tough cuts are needed to tackle the soaring debt, leaving washington locked in a stalemate, less than a month before every american sees their taxes shoot up. the gridlock has irritated people outside washington, like deborah page of arlington, texas. >> if i was working the way the president and congress...
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i think the fiscal cliff is just a big red herring to get rid of the social programs. i have read this in the constitution. your district has the shortest life span in the country, the highest infant mortality rate for children, the highest per capita for people without health insurance, and we follow mississippi. they are ahead of us in that area. i think that is where you are leading the country. if the people of the united states want to see where you and the republican party have taken the country, come and look at your district. >> guest: i would be delighted for people to look at my district. i think it's a great district. 14,000 farms and ranchers to tremendous military installations. you're right next to the field artillery. the colleges and universities, 11 indian tribes and about every ten years or so the best college team in america. it's a special place pitted i would argue with your statistics, but -- i do think i would reflect what people in my district think. i won the election with 68% of the vote and as you were kind enough to point out, i'm saying the
i think the fiscal cliff is just a big red herring to get rid of the social programs. i have read this in the constitution. your district has the shortest life span in the country, the highest infant mortality rate for children, the highest per capita for people without health insurance, and we follow mississippi. they are ahead of us in that area. i think that is where you are leading the country. if the people of the united states want to see where you and the republican party have taken the...
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he's got to get it done -- >> he's got to get it done -- >> you go off that fiscal cliff you're part of the chaos and you're in the midst of the chaos. >> however he gets there, he will get there. >> okay captain ahab. >> thank you, michael and steven. . i'm where michael tonight. drives people crazy. a broken clock is right twice a day. up next, the latest from sarah palin who is never, ever right! she says the president is turning the nation commie. wait until you hear her. she's still at it and totally irrelevant. this is "hardball," the place for politics. two years ago, the people of bp made a commitment to the gulf. bp has paid over twenty-three billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tourism seasons in years. and bp's also committed to america. we support nearly 250,000 jobs and invest more here than anywhere else. we're working to fuel america for generations to come. our commitment has never been stronger. look this isn't my first christmas. these deals all seem great at
he's got to get it done -- >> he's got to get it done -- >> you go off that fiscal cliff you're part of the chaos and you're in the midst of the chaos. >> however he gets there, he will get there. >> okay captain ahab. >> thank you, michael and steven. . i'm where michael tonight. drives people crazy. a broken clock is right twice a day. up next, the latest from sarah palin who is never, ever right! she says the president is turning the nation commie. wait until...
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let's talk about the fiscal cliff. the president says the republicans have to agree to raising the marginal tax rate for the wealthiest top 2% from 35%. does he mean it has to go back up to 39.6% as was the case during the clinton administration or is there some wiggle room in between 35% and 39.6%? >> the president has repeatedly said there's room for compromise. but what this boils down to is a matter of fairness and a matter of math. giving certainty to the middle class is essential. there's no way mathematically, if you look at the republican's proposal, that you can get to the deficit reduction that we need to with preserving the middle class tax cuts by not increasing as the republicans refuse to do the upper tier rates. there's room for discussion, but that -- >> so the 39.6%, that's not a red line? >> as far as i know and the conversations i've had, the president has said there's room for compromise, but for the red line to be drawn in the sand by republicans to say that an increase in rates on the wealthiest a
let's talk about the fiscal cliff. the president says the republicans have to agree to raising the marginal tax rate for the wealthiest top 2% from 35%. does he mean it has to go back up to 39.6% as was the case during the clinton administration or is there some wiggle room in between 35% and 39.6%? >> the president has repeatedly said there's room for compromise. but what this boils down to is a matter of fairness and a matter of math. giving certainty to the middle class is essential....
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unlike the rest of the fiscal cliff, which affects tax rates that will play next year, the patch applies to the return that we will all have to file early next year. so if there is not congressional action here, there is an abrupt increase in tax on the 2012 taxable year in 20 of 11 approximately 4 million people paid the amt. if there's not a patch, 30 million people will be required to pay the amt in 2012 for the current taxable year and they will pay an additional $90 billion in tax. very few of them have any idea. >> host: is the irs prepared? >> guest: the irs took a fairly unusual -- but i think correct position. they took the position that congress will do the responsible name. so they did their tax program for next year, for the 2012 return, assuming congress would enact the patch before the end. i think that was a reasonable thing to do because i believe they will do that. however, it does mean if there is not a patch, the tax return idling season next year would be quite chaotic. >> host: john buckley is our guest and we talk about the alternative minimum tax as part of the ove
unlike the rest of the fiscal cliff, which affects tax rates that will play next year, the patch applies to the return that we will all have to file early next year. so if there is not congressional action here, there is an abrupt increase in tax on the 2012 taxable year in 20 of 11 approximately 4 million people paid the amt. if there's not a patch, 30 million people will be required to pay the amt in 2012 for the current taxable year and they will pay an additional $90 billion in tax. very...
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the 2% is part of the fiscal cliff, sequestration due to the fiscal cliff. melissa: at the same time these doctors at end of the day end up paying higher income tax after what they're making at work is cut. when they get home and the government comes back and takes a bigger bite. >> melissa, your viewers many already faced with this $250,000 or above tax that is going to occur if this isn't solved. i want to point out physicians this is gross figure, many physicians have a lot of expenses hidden in that. they're not making $250,000. the cost of machinery. cost of tests. cost of keeping offices open. every small business has the problem. doctors will get in the position to say wait a minute, i can't afford to take care of those patients. maybe they go to the hospital. melissa: on top of all that the doctors are affected by the health care act's restrictions. >> they will not be able to offer certain technological solutions because insurance won't pay for it. i want to order that test but insurance won't pay. i'm still liable even if i can't order it. obamacar
the 2% is part of the fiscal cliff, sequestration due to the fiscal cliff. melissa: at the same time these doctors at end of the day end up paying higher income tax after what they're making at work is cut. when they get home and the government comes back and takes a bigger bite. >> melissa, your viewers many already faced with this $250,000 or above tax that is going to occur if this isn't solved. i want to point out physicians this is gross figure, many physicians have a lot of expenses...
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cliff than not to have a rise in tax rates, and he said, quooe, "no deal is better than a bad deal," and a bad deal for him is not letting tax rates go up. what do you think of that? he's one of your own. >> well, unfortunately, we've got too much partisanship in washington, d.c.. the american people want the leaders, both the president and the congress to come together, make the tough decisions. it's going to take both. it's going to take the revenue, but it's also going to take fundamental reform of spending. you cannot spend a billion dollars more than you take in every year or there's fiscal ruin, and with the amount of baby boomers retiring over the next several years, they are going to have to deal with things like medicare, medicaid, and social security if we're going to resolve this thing for the long term, and, frankly, iowa farmers and small businesses will be hit with huge increases in capital gains and death taxes, a real damaging blow to our state, which is doing well. liz: let's talk about the double whammy you face, and you're only one of six states where it's an inter
cliff than not to have a rise in tax rates, and he said, quooe, "no deal is better than a bad deal," and a bad deal for him is not letting tax rates go up. what do you think of that? he's one of your own. >> well, unfortunately, we've got too much partisanship in washington, d.c.. the american people want the leaders, both the president and the congress to come together, make the tough decisions. it's going to take both. it's going to take the revenue, but it's also going to...
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>>catherine: the white house is rejecting a republican averting the "fiscal cliff,"... saying it would lower tax rates for the wealthy and stick the middle class with the bill. the house republican plan calls for 800-billion dollars in higher tax revenue over 10 years... but would keep the bush-era tax cuts in place for all income earners. president obama wants to end tax cuts for americans making more than 250-thousand dollars a year. the bottom line -- lawmakers made no progress today on an agreement. >> mitt romney has a job again.. he's returning to the board of directors at marriott international hotel.... he's been on the board twice before - but left to run for political office. romney has kept a low profile since the election - spending his time with his family at their california home. the romney and marriott families are close -- in fact - willard mitt romney was named after the hotel's founder -- j. willard marriott... >> heavy fighting between rebel and government forces in syria. now there is concern that syria could plan on using chemical weapons against t
>>catherine: the white house is rejecting a republican averting the "fiscal cliff,"... saying it would lower tax rates for the wealthy and stick the middle class with the bill. the house republican plan calls for 800-billion dollars in higher tax revenue over 10 years... but would keep the bush-era tax cuts in place for all income earners. president obama wants to end tax cuts for americans making more than 250-thousand dollars a year. the bottom line -- lawmakers made no...
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house republicans today did offer a counter proposal on the fiscal cliff. their plan, $2.2 trillion deficit savings over the next decade, but it does not include higher tax rates for the wealthy. the house speaker john boehner calls it a credible plan that deserves serious consideration by the white house. guess what? the white house released a statement tonight saying the plan is nothing new, that it lowers rates for the wealthy and sticks the middle class with the bill. so to borrow a phrase, we're nowhere. period. david walker is president and ceo of comeback america initiative. he's made it his mission to promote fiscal responsibility. he joins us along with cnn political analyst, david gergen. david walker, let me start with you. the house republicans put forward their counter proposal. speaker boehner says it's credible and the white house should consider it. is it credible or is it more of what you have called the irresponsible unethical immoral behavior of all the politicians here in washington? >> i think both sides are now putting things on the ta
house republicans today did offer a counter proposal on the fiscal cliff. their plan, $2.2 trillion deficit savings over the next decade, but it does not include higher tax rates for the wealthy. the house speaker john boehner calls it a credible plan that deserves serious consideration by the white house. guess what? the white house released a statement tonight saying the plan is nothing new, that it lowers rates for the wealthy and sticks the middle class with the bill. so to borrow a phrase,...
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cliff. it is a $2.2 trillion offer that does not raise the tax rate on the wealthiest americans and that has become the central issue of the negotiations. the white house says republicans still are not ready to get serious. susan mcginnis is in washington with the back and forth details. susan, good morning to you. >> reporter: good morning, terrell. gop leaders here on capitol hill sent their plan to the white house in this letter on monday, and now that both initial offers are out there, both sides say it's time to get serious. governors from six states are headed here to washington today to tell president obama their thoughts on the fiscal cliff. the bipartisan group says both sides need to work together to avoid the tax increases and spending cuts due to kick in at the end of the year. >> no one's going to get what they want, but as a country to move forward, we've got to figure out who gives where, and if everything is going to be out on the table, how do we negotiate that? >> reporter:
cliff. it is a $2.2 trillion offer that does not raise the tax rate on the wealthiest americans and that has become the central issue of the negotiations. the white house says republicans still are not ready to get serious. susan mcginnis is in washington with the back and forth details. susan, good morning to you. >> reporter: good morning, terrell. gop leaders here on capitol hill sent their plan to the white house in this letter on monday, and now that both initial offers are out...
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we are distracted by the fiscal cliff. let there be a economic growth. interest rates would go up. interest rates will stay reasonably low. we should be glad that we have this economy. either we really go down the cliff or let some growth kick in and indeeddwhat happens, interest rates will go up. ultimately, inflation is the road we will be heading on. dagen: is there anything you can look at today that shows interest rates will go up? >> what we know now is that the federal reserve no longer focuses on inflation, but on employment. that is why the unemployment rate will be ever more important today. next year, the federal reserve will be even more starvation -- we are going to push growth at any cost: the cost being inflation. at some point, the market will take point. we are going to have a lot of turmoil. we do not have a european crisis. we are certainly a candidate. higher rates will be in it. dagen: higher by how much quick select you have 1.6% on the ten year period >> in recent years, everyone has felt warm and fuzzy. let volatility go back to normal time. you do not need
we are distracted by the fiscal cliff. let there be a economic growth. interest rates would go up. interest rates will stay reasonably low. we should be glad that we have this economy. either we really go down the cliff or let some growth kick in and indeeddwhat happens, interest rates will go up. ultimately, inflation is the road we will be heading on. dagen: is there anything you can look at today that shows interest rates will go up? >> what we know now is that the federal reserve no...
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so with 29 days to go until the fiscal cliff, what would it take to get a deal? joining me now, men on opposite sides, grover norquist, president of americans for tax reform and robert reish, former secretary of labor for president bill clinton and the author of "beyond outrage." none of the three of us are beyond outrage, grover norquist, which is why i keep having you back. the situation it seems to me as an impartial observer here is that both sides have now made fairly ludicrous offers that they know the other side is never going to accept in a million years. that does beg the question, grover, why bother, given that both sides know where they need to move, why the games? >> well, it's not clear that both sides know. the week after the election, president obama was asked do you have to have the higher rates or could we have deductions and credits and he said he was open to negotiations. three weeks later, after thanksgiving, he shows up and all of a sudden there's a line in the sand on rates that had come out of nowhere, so the president seems to be moving th
so with 29 days to go until the fiscal cliff, what would it take to get a deal? joining me now, men on opposite sides, grover norquist, president of americans for tax reform and robert reish, former secretary of labor for president bill clinton and the author of "beyond outrage." none of the three of us are beyond outrage, grover norquist, which is why i keep having you back. the situation it seems to me as an impartial observer here is that both sides have now made fairly ludicrous...
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caller: looking at the we go back -- at the fiscal cliff, we go back to 2001 with the lowering of the tax rates, meant to create jobs. but in the past 10 or 11 years, we have not had any job creation whatsoever. we keep going back and hearing over and over again that it's going to cost jobs. we do not have jobs to begin with. businesses are out to make money. if consumers do not have money to spend, then you can lower their taxes to 0%. they still cannot spend because they do not have any income. guest: i think that is a great point. it brings up one thing we have not mentioned yet. the payroll tax cut is about to expire. if that expires, every paycheck in the country is going to go down about $1,000 on january 1st. that would hurt consumption. it would hurt the customers of businesses. the president has proposed to extend that. i think that is reasonable. we will see a firm public and keep up their opposition or they give in. we have a sleeper here that cannot be ignored. if we do not extend that, every paycheck in the country is going to go down. >> i agree -- guest: i agree. we sho
caller: looking at the we go back -- at the fiscal cliff, we go back to 2001 with the lowering of the tax rates, meant to create jobs. but in the past 10 or 11 years, we have not had any job creation whatsoever. we keep going back and hearing over and over again that it's going to cost jobs. we do not have jobs to begin with. businesses are out to make money. if consumers do not have money to spend, then you can lower their taxes to 0%. they still cannot spend because they do not have any...
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i think without the fiscal cliff, we will do all right. lori: tax rates or than likely are going up, at least for one class. you have this slow growth. at the same time, think of the federal reserve keeping rates low for so long. we could be in serious trouble. >> on the inflation front, we are not very worried for the next year or two. it is out there, but not the next year or two. they will phase in whatever tax increase they put in. it will not hit next year. it will phase in over a couple years. that is the smart way to do it. lori: thank you for your time. >> thank you. you bet. melissa: i would like to be optimistic. date -- details of the probe have not been released. over 80 people have already been questioned about the more than $5 billion in trading losses last day. peter barnes has the exquisite details right now. peter: we first learned about this probe in september through news media reports. the number of people questioned suggest that the scope of this thing is broad and could lead to more political problems in washington fo
i think without the fiscal cliff, we will do all right. lori: tax rates or than likely are going up, at least for one class. you have this slow growth. at the same time, think of the federal reserve keeping rates low for so long. we could be in serious trouble. >> on the inflation front, we are not very worried for the next year or two. it is out there, but not the next year or two. they will phase in whatever tax increase they put in. it will not hit next year. it will phase in over a...
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cliff stalemate started. no deal until republicans drop the opposition to raising tax rates on the wealthy. that's the president's message. we'll play the interview for you, parts of it, and also hear from democratic congressman adam schiff. from the president shooting down speaker boehner proposal to now conservative groups going aafter him, who are boehner's allies at this point. where is governor jan brewer. the mystery about the out of state business trip and why his own spokesperson says he can't disclose where she is. bp has paid over twenty-three billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tourism seasons in years. and bp's also committed to america. we support nearly 250,000 jobs and invest more here than anywhere else. we're working to fuel america for generations to come. our commitment has never been stronger. now we need a little bit more... [ male announcer ] at humana, we understand the value of
cliff stalemate started. no deal until republicans drop the opposition to raising tax rates on the wealthy. that's the president's message. we'll play the interview for you, parts of it, and also hear from democratic congressman adam schiff. from the president shooting down speaker boehner proposal to now conservative groups going aafter him, who are boehner's allies at this point. where is governor jan brewer. the mystery about the out of state business trip and why his own spokesperson says...
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to avoid the fiscal cliff. this morning r the president met with a bipartisan group of governors at the white house. jerry brown was not among them. the group did not endorse any specific proposal on avoiding the sharp tax and spending cuts that could take effect in january. president obama says it's possible that the tax rates could later be lowered as part of a comprehensive tax overhaul. >>> police responding to an early-morning burglary in san jose are surprised at what they found. we'll have exclusive video of the discovery. >>> rosemary's back in about nine minutes to tell you more about the new storm rolling in and when rain will increase in your neighborhood. >>> it's a first of its kind set up in the bay area. ahead with a new solar facility dedicated an hour ago is getting a lot of attention. on your prepaid card? introducing chase liquid. the reloadable card with no fee reloads and withdrawals at chase atms. all for one flat monthly fee so there's zero confusion. get rid of prepaid problems. get chas
to avoid the fiscal cliff. this morning r the president met with a bipartisan group of governors at the white house. jerry brown was not among them. the group did not endorse any specific proposal on avoiding the sharp tax and spending cuts that could take effect in january. president obama says it's possible that the tax rates could later be lowered as part of a comprehensive tax overhaul. >>> police responding to an early-morning burglary in san jose are surprised at what they found....
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cliff had to be to put new revenues and raise the tax rates of the wealthiest americans. [ ♪ music ♪ ] >> cenk: so taking this case to the american people fighting strong, making his own case which he we've been asking him to do for four straight years. my reaction was this. >> flabbergasted. [ laughing ] >> cenk: what's your reaction. >> slightly flabbergasted because this is not how the president has worked before. he ran with a grassroots in 2008. we tried to recreate that, talked about the ground game in the campaign in 2012. he's taking a grassroots campaign to politics, which is what progressives have been begging him to do now for a while. it seems to be working. all the hash tags and all the my 2 k has tags has gotten up to 13,000 tweets per hour. not every one of them is, hey great idea, mr. president. a lot of them are coming from people who are conservatives saying whatever it is that they're saying. the point is he's in touch with the people. he's not living in a cocoon like he did in the first term. >> cenk: when they ask how would you spend that $200,000 that you wouldn
cliff had to be to put new revenues and raise the tax rates of the wealthiest americans. [ ♪ music ♪ ] >> cenk: so taking this case to the american people fighting strong, making his own case which he we've been asking him to do for four straight years. my reaction was this. >> flabbergasted. [ laughing ] >> cenk: what's your reaction. >> slightly flabbergasted because this is not how the president has worked before. he ran with a grassroots in 2008. we tried to...
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stuart: the republicans submit their fiscal cliff solution. now, that plan put out by speaker boehner, includes 800 billion dollars in extra tax revenues and that would come from limiting deductions and not from higher tax rates. and there would also be 1.2 trillion dollars worth of spending cuts and the white house immediately dismissed that plan, saying, the lower tax rates for the rich and quote, fix the middle class with a bill. again, we come back to this. the main sticking point is the tax rate issue. the president insists more revenue comes from higher rates, not deduction limits. -pit's a standoff and it contins less than four weeks to go until the deadline. be careful what you say in a local police want a law, new law requiring that text messages be saved for two years. how do you feel about that? ever texted something you wish would go away right now? there is of course the privacy issue as well. well, here comes the judge. he will be new at 10 on this one. got it. shares of darden restaurants, they're down today and they're the comp
stuart: the republicans submit their fiscal cliff solution. now, that plan put out by speaker boehner, includes 800 billion dollars in extra tax revenues and that would come from limiting deductions and not from higher tax rates. and there would also be 1.2 trillion dollars worth of spending cuts and the white house immediately dismissed that plan, saying, the lower tax rates for the rich and quote, fix the middle class with a bill. again, we come back to this. the main sticking point is the...
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in 2013 if we fall off the fiscal cliff, dividends will be taxed at ordinary income rates so your rate on your investments is going to go up depending on your tax bracket, that means 15%, 28%, 31%, 36% or 39.6%. so the rate on your investment income could be more than double what it is right now for middle and high income earners. other companies that have paid out their dividends early, walmart, costco, dillard's -- >> so they are preparing for this? >> oh, yes. they're getting the money out early so their investors don't pay higher taxes on it. >> what is the one thing we need to know about our money today? >> ho, ho, ho, december has been the best month for stocks over the past 30 years. december has been the santa claus rally they call it. when investors square their portfolios, they close out their positions, could the fiscal cliff talks in washington kill santa claus? another reason to be mad at your policymakers. december should be a good month. it historically is. >> all right, thank you. 27 minutes past the hour. every time you send a text message it could soon be recorded. it
in 2013 if we fall off the fiscal cliff, dividends will be taxed at ordinary income rates so your rate on your investments is going to go up depending on your tax bracket, that means 15%, 28%, 31%, 36% or 39.6%. so the rate on your investment income could be more than double what it is right now for middle and high income earners. other companies that have paid out their dividends early, walmart, costco, dillard's -- >> so they are preparing for this? >> oh, yes. they're getting the...
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cliff, to the democrats. here is what they considering, not only letting the top rate rise or finding an equal amount of taxes in other areas that would be the same effect. they considering a doomsday plan where house republicans would vote "present" on a bill that only extends the middle class tax cuts escaping blame for tax hikes on the 2 percent and wall street bigwigs are throwing in the towel and now calling the president's plan to hike taxes to the tune of $2.16 trillion double what originally called, credible. pore like incredible if you ask my next guests who are livid. michelle, what happened? >>guest: well, there is a reason why for some long the republicans are nicknamed the stupid party and the democrats are the evil party. there have been so many times the narrative that has been repeated over and over again where the republicans capitulate and rollover. what voters who did vote for house republicans to maintain their majority need to ask, and ask very loudly, what part of the mandate you did get
cliff, to the democrats. here is what they considering, not only letting the top rate rise or finding an equal amount of taxes in other areas that would be the same effect. they considering a doomsday plan where house republicans would vote "present" on a bill that only extends the middle class tax cuts escaping blame for tax hikes on the 2 percent and wall street bigwigs are throwing in the towel and now calling the president's plan to hike taxes to the tune of $2.16 trillion double...
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cliff" questions on twitter monday. one twitter follower asked, why won't keeping tax rates low across the board encourage more hires and tax revenue? the president replied high-end tax cuts would cost almost $1 trillion while extending middle class cuts will produce growth. if there is no compromise all tax go up and spending will be slashed including cuts to the defense budget. defense contractors gathered in washington monday to discuss the consequences. david language staff is ceo of task a company that develops aviation systems and software for intelligence agencies. >> but i think it's very bad for national security because companies cannot plan. >> republicans sent the president a counterproposal monday afternoon. it includes more than $2 trillion in budget savings and extends tax cuts for all americans. >> us this far republicans have been adamant that rates shouldn't go up on the top 2% wealthiest americans. well, the american people overwhelmingly disagree. >> in addition to using social media the president ha
cliff" questions on twitter monday. one twitter follower asked, why won't keeping tax rates low across the board encourage more hires and tax revenue? the president replied high-end tax cuts would cost almost $1 trillion while extending middle class cuts will produce growth. if there is no compromise all tax go up and spending will be slashed including cuts to the defense budget. defense contractors gathered in washington monday to discuss the consequences. david language staff is ceo of...
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this fiscal cliff but at the same time don't harm this economy. what has to happen here if the president shows a little leadership we are willing to stay in the room and stay here and we are willing to get this done. that's why you saw a proposal that is raoeubl reasonable that meets his criteria. >> reporter: steny hoyer said in the next few days we will see substantive movement in private to get this done. jenna: we'll continue to watch the play-by-play, mike, thank you. jon: right now we are continuing to await a speech by former president george w. bush, the speakers are taking to the podium there to get ready to introduce the former president. he is set to address a conference there in dallas, where he will spotlight the positive impact of immigration on u.s. economic growth. this as the g.o.p. looks to attract more hiss to the party. meantime mr. bush's father, former president george h.w. bush is spending another day in the hospital being treated for bronchitis and a lingering cough. we told you about that last week when we first found out
this fiscal cliff but at the same time don't harm this economy. what has to happen here if the president shows a little leadership we are willing to stay in the room and stay here and we are willing to get this done. that's why you saw a proposal that is raoeubl reasonable that meets his criteria. >> reporter: steny hoyer said in the next few days we will see substantive movement in private to get this done. jenna: we'll continue to watch the play-by-play, mike, thank you. jon: right now...
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cliff is avoided. unlikely, but a reflection of voter frustration as both sides dig in. the white house demanding higher tax rates for the top two tax brackets and republicans refusing. after refusing the proposal last week, house republicans offered an outline for $2.2 trillion in deficit reduction mostly through spending cuts, and while president obama would not answer questions about the counterproposal -- >> no deal better than a bad deal, sir? >> thank you. >> reporter: -- a senior white house official assailed it as a step backwards saying if republicans do not agree to some higher rates for wealthier taxpayers, the nation will go over the cliff and the american people will hold the republicans responsible. wall street remains optimistic a deal will be struck, so the lack of progress has not yet resulted in a market plunge, but some economists estimate that because of the uncertainty posed by the fiscal cliff, at least 200,000 fewer jobs have been created this year. and, diane, the official deadl
cliff is avoided. unlikely, but a reflection of voter frustration as both sides dig in. the white house demanding higher tax rates for the top two tax brackets and republicans refusing. after refusing the proposal last week, house republicans offered an outline for $2.2 trillion in deficit reduction mostly through spending cuts, and while president obama would not answer questions about the counterproposal -- >> no deal better than a bad deal, sir? >> thank you. >> reporter:...
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if there's a deal on the fiscal cliff, if there's going to be a deal before january 1st, there will be rate increases of some sort. boehner can't be the guy to lead republicans to that, because they don't trust him and looking for sign of a sellout. what he needs to do here, this goes to the end of the month because boehner has to wait and put up the fight and make it look like he's putting up the filt. other conservatives say it's time to go. >> who would that be? >> people on talk radio and fox news and "wall street journal." >> who in washington would lead that? >> i think the tea partiers in the house are responsive to that information network. that's what happened with -- here's the key. last year the payroll tax was coming up for expiration at end of last year. obama said i wanted it extended for 2012. republicans at first said no, and boehner had to say no with them. when the deadline came last christmas, around last christmas republicans started to panic but polls showed people would blame them. all of a sudden those voices said let's not have this fight now. >> he's banking on
if there's a deal on the fiscal cliff, if there's going to be a deal before january 1st, there will be rate increases of some sort. boehner can't be the guy to lead republicans to that, because they don't trust him and looking for sign of a sellout. what he needs to do here, this goes to the end of the month because boehner has to wait and put up the fight and make it look like he's putting up the filt. other conservatives say it's time to go. >> who would that be? >> people on talk...